Recent empirical studies have examined the determinants of economic growth using country-average (cross-sectional) data. By contrast, this paper employs a technique for using a panel of cross-sectional and time series data for 98 countries over the 1960-85 period to determine the quantitative...

Although conventional wisdom suggests that reducing military spending may improve a country's economic growth performance, empirical studies have produced ambiguous results. This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of...

Given the widespread interest in the balance of payments problems of non-oil developing countries during the 1970s, the lack of systematic empirical work on the reasons for these problems is somewhat surprising. This paper pursues this issue through an examination of the quantitative...

The purpose of this paper is to formulate a model for developing countries that allows output, prices, international reserves, money, and government taxing and expenditure policies to be determined simultaneously. The model developed, which stresses the key role of monetary disequilibrium, is...

The model that is specified and estimated in this study describes the dynamic behavior of major economic aggregates in the economy of the United Kingdom. In the real sector of the model, the markets for output and labor services are linked by a production function that both constrains the...

The effects of several policy and other macroeconomic variables on the ratio of private investment to gross domestic product in developing countries during 1975-87 is analyzed. Econometric evidence indicates that the rate of private investment is positively related to real GDP growth, level of...

A simple aggregate growth model, capable of assessing the impact of macroeconomic policies on the long-term performance of a developing country, is formulated. The model emphasizes expenditures on the improvement of human capital and the dynamics of external debt, and it yields empirically...

This paper provides an analytic overview of independent currency authorities (ICAs), sometimes called currency boards. ICAs issue and redeem domestic currency on demand against an exchange standard and back such operations through a 100 percent marginal foreign reserve cover. They also impose...

Economic stability, effective bank supervision, and an appropriate sequencing of stabilization, banking regulations, and interest rate policies are identified as common characteristics of the relatively successful experiments in financial sector liberalization. Recent theoretical developments...

The model developed here postulates that learning through experience raises labor productivity with three major consequences. First, the steady-state growth rate of output becomes endogenous and is influenced by government policies. Second, the speed of adjustment to steady-state growth...